Measures unveiled to expand Shanghai FTZ financial opening up

Twenty five new measures are unveiled on June 21 to further expand the financial opening up at the Shanghai Free Trade Zone. [Photo/IC]

Shanghai authorities unveiled 25 measures on June 21 to further expand the financial opening up of the Shanghai Free Trade Zone (FTZ).

The measures include attracting more foreign-funded financial institutions, simplifying the process for companies to locate there, and policies to recruit highly skilled workers. All these measures are being put in place with the aim of developing the FTZ into an international financial center.

In an attempt to encourage a wider variety of foreign companies to locate in the FTZ, foreign-funded banks are being allowed to expand their businesses. Foreign-funded securities firms, fund management firms, and futures firms are also now being permitted and multinational asset management giants are being encouraged to set up their regional headquarters in the FTZ.

The FTZ's negative list for foreign investment will be reduced significantly. Dedicated teams will be set up to help foreign-funded financial institutions locate in the FTZ.

Additionally, partnerships with foreign embassies and consulates in Shanghai and international economic organizations will be built in an effort to attract investment on the global stage.

It is hoped that the moves will make it more convenient for highly-skilled foreign workers to live and work in the FTZ. Also, local services catering for foreigners specifically in the areas of healthcare, children's education, and residence will be established and improved upon if they are already in operation.

The Shanghai Free Trade Zone, founded in 2013, has been pivotal in a variety of financial opening up projects. Its number of foreign-invested banks, jointly-invested public funds, and foreign-invested insurance firms all rank the highest nationwide.